Fadi Ghandour, one of the Arab world’s most storied entrepreneurs and technology investors, says he is watching the Iran market closely following the lifting of economic sanctions against the former pariah state.
Mr Ghandour is the founder of the logistics group Aramex, and now heads up Wamda Capital, a prominent regional venture capital firm.
He told The National that Iran represents an interesting market – but that it is still too early to say whether he would be investing there.
“It will take time – but we’re watching. We’re watching very carefully,” said Mr Ghandour.
“There is a lot of activity that has been happening on the domestic field. There are a lot of e-commerce companies doing domestic e-commerce inside Iran. We are told … that there is quite an impressive tech community. So it’s interesting stuff – we’ll see what comes out of it.”
Many of the western sanctions against Iran have been lifted after it was confirmed on Saturday that Iran was carrying out the measures agreed under the historic nuclear deal agreed in July.
Mr Ghandour said that it would take time for the opportunities in Iran’s start-up scene to emerge fully, given that sanctions will unravel gradually.
“We’ve been hearing some stuff about what’s happening over there. But having spent a long time under sanctions, you cannot feel exactly what the real story is,” he said. “Iran is an interesting market but it’s way too early for us to look at that at this stage … It will take time for the sanctions to be fully lifted.”
Wamda Capital is gearing up for several investments closer to home, said Mr Ghandour.
It plans to invest between US$3 million and $4m in The Luxury Closet, a Dubai-based e-commerce company specialising in online sales of designer clothing. The venture capital firm will be making several other investments before the end of March, said Mr Ghandour.
“Our pipeline is quite busy. We did already 10 investments, you’re going to see several more coming this quarter,” he added.
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Hili 2: Unesco World Heritage site
The site is part of the Hili archaeological park in Al Ain. Excavations there have proved the existence of the earliest known agricultural communities in modern-day UAE. Some date to the Bronze Age but Hili 2 is an Iron Age site. The Iron Age witnessed the development of the falaj, a network of channels that funnelled water from natural springs in the area. Wells allowed settlements to be established, but falaj meant they could grow and thrive. Unesco, the UN's cultural body, awarded Al Ain's sites - including Hili 2 - world heritage status in 2011. Now the most recent dig at the site has revealed even more about the skilled people that lived and worked there.
COMPANY PROFILE
Name: SmartCrowd
Started: 2018
Founder: Siddiq Farid and Musfique Ahmed
Based: Dubai
Sector: FinTech / PropTech
Initial investment: $650,000
Current number of staff: 35
Investment stage: Series A
Investors: Various institutional investors and notable angel investors (500 MENA, Shurooq, Mada, Seedstar, Tricap)
What are NFTs?
Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.
You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”
However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.
This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”
This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.
The specs
Engine: 4.4-litre twin-turbo V8 with 48V mild hybrid system
Power: 544hp at 5,500rpm
Torque: 750Nm at 1,800-5,000rpm
Transmission: 8-speed auto
Price: from Dh700,000 (estimate)
On sale: late November
Director: Nag Ashwin
Starring: Prabhas, Saswata Chatterjee, Deepika Padukone, Amitabh Bachchan, Shobhana
Rating: ★★★★
How the UAE gratuity payment is calculated now
Employees leaving an organisation are entitled to an end-of-service gratuity after completing at least one year of service.
The tenure is calculated on the number of days worked and does not include lengthy leave periods, such as a sabbatical. If you have worked for a company between one and five years, you are paid 21 days of pay based on your final basic salary. After five years, however, you are entitled to 30 days of pay. The total lump sum you receive is based on the duration of your employment.
1. For those who have worked between one and five years, on a basic salary of Dh10,000 (calculation based on 30 days):
a. Dh10,000 ÷ 30 = Dh333.33. Your daily wage is Dh333.33
b. Dh333.33 x 21 = Dh7,000. So 21 days salary equates to Dh7,000 in gratuity entitlement for each year of service. Multiply this figure for every year of service up to five years.
2. For those who have worked more than five years
c. 333.33 x 30 = Dh10,000. So 30 days’ salary is Dh10,000 in gratuity entitlement for each year of service.
Note: The maximum figure cannot exceed two years total salary figure.
TWISTERS
Director:+Lee+Isaac+Chung
Starring:+Glen+Powell,+Daisy+Edgar-Jones,+Anthony+Ramos
Rating:+2.5/5
Confirmed bouts (more to be added)
Cory Sandhagen v Umar Nurmagomedov
Nick Diaz v Vicente Luque
Michael Chiesa v Tony Ferguson
Deiveson Figueiredo v Marlon Vera
Mackenzie Dern v Loopy Godinez
Tickets for the August 3 Fight Night, held in partnership with the Department of Culture and Tourism Abu Dhabi, went on sale earlier this month, through www.etihadarena.ae and www.ticketmaster.ae.
Company Profile
Name: HyveGeo
Started: 2023
Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
Based: Cambridge and Dubai
Number of employees: 8
Industry: Sustainability & Environment
Funding: $200,000 plus undisclosed grant
Investors: Venture capital and government
